However, prices increased over the past five years.
The report said the average house price in the region as of March 2015 was $285,000.
In December 2019, prices were sitting at $340,000, but fell to $330,000 by March.
Prices in the Murray River region are also looking good, averaging $414,750 in March 2015 and dropping to $344,500 in December 2019 before increasing to $420,000 in March.
While it appears the market has dropped by 2.9 per cent in the last quarter, Troy O'Brien of Charles L King and Co Echuca believed the market has remained steady.
“To be honest, we haven't actually seen our prices drop here,” he said.
“In a market like Echuca, because it's not as broad as somewhere like Melbourne, sometimes you can actually have a price decrease and it just means a few homes have been sold as opposed to some of the premium prices and this affects your median price.”
Elders Residential Real Estate director Dean Costello agreed.
“At the moment, the results aren't really showing a lot at all,” he said.
“I've read a few reports saying the prices could drop below 30 per cent, but no-one has a crystal ball and at this stage unless a lot of people fall on very hard times, I think the prices will stay very solid.”
Mr O'Brien said the number may be lower due to the lack of people selling their properties.
“We're seeing a lack of sales and there's not as many homes on the market which actually means, like any supply and demand market, if there's not the supply around, the demand is quite high,” he said.
Mr Costello said agents on the ground had also seen a lot less properties on the market in the past few weeks.
‘‘However, the ones that are there are selling really well,” he said.
“We don't see a dip in prices at all at this stage.”
Mr O'Brien said the issue could be due to COVID-19.
“I think it's more so affecting our sellers more than our buyers,” he said.
“The sellers’ perception out there is it may be a tough time to sell so they're not wanting to put their property on the market.”
Mr O’Brien said buyers from Melbourne and other metro areas were looking for homes no matter what the situation.
“This is helping our current sellers in contrast because there is that lack of competition,” he said.
“If I was someone living in Melbourne with young kids, I would want to sell up and move to the country and that's what I think a lot of people may do,” Mr Costello said.
The recent ease in restrictions has meant real estate agencies are allowed to hold open houses again which could increase numbers.
“We have seen a slight drop in the listing side of things, but there's plenty of buyers out there and the properties that are coming on the market are getting good inspection and good numbers,” Mr Costello said.
While agents weren't able to hold open houses and auctions in Victoria, those restrictions ease today.
“We've still been able to hold private inspections, but we just haven't had as many sales results,’’ Mr Costello said.
“We will now be able to have up to 10 people at an inspection, of course with social distancing measures in place.”
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